All Forum Posts by: Doug Davis

I have been trying to use the BiggerPockets rental  property calculator and interpret the graph.  This doesn't look like the best home to buy, but where I'm having a problem is interpretation of the graph.  Green is income, orange is expenses.  The two meet a little after the start of year 10.   The black line appears to be cash flow.  Why doesn't the black line cross zero at the same time the green and orange lines cross each other (expenses=income)?  Thanks.

I noticed that there are some property management companies that have a general contractor on staff.  

In your experience what are the pros/cons of that vs. picking a contractor myself?

Thanks

Inwant To find a place that I can rent out.  Possibly renovate.  I hear that investors are supposed to be specific about what they want to buy.

How did you determine your "buy box?"

What are some top factors to consider?

Ok thanks!  I will look for an attorney.

My Dad left me and my siblings a house in Florida, so we just started renting it now and have a property manager, insurance and an LLC. It has been a learning experience.

The mortgage company wants to see our operating agreement before they approve us putting the deed under an LLC. However, we do not have one.

Would you recommend hiring a lawyer?  Or would  LegalZoom or Rocket Lawyer be sufficient?  I'm guessing the lawyer would be more expensive.  I'm not sure how complicated or how much it would differ from a standard template, but I don't know much about operating agreements anyway.

Thanks.

I'm new at rental home investment.

Does bank location matter?  Is there any advantage to having an account where I live vs. where the property is?

Also, I have had an account at a local credit union for years, but I'll be moving out of town soon.  I was thinking about asking them, but I won't be in the same city pretty soon.

 Ok thanks.  So, in Dekalb, if the owner moves out, there's no way to legally rent both units separately?

- Doug

 We definitely will, but I want to have a general idea of what I'm looking for.  Thanks.